Why Verve Therapeutics Stock Crashed as Much as 30% This Week
Shares of Verve Therapeutics (NASDAQ: VERV) sank as much as 30.7% this week, according to data from S&P Global Market Intelligence. The gene-editing company focused on the cardiovascular market posted updated data on one of its clinical trials with concerning results. As of this writing, shares of Verve Therapeutics are off 26% this week and off 84% from all-time highs.
Verve is trying to build cutting-edge, gene-editing tools to help people deal with cardiovascular disease. Specifically, it hopes to commercialize its Verve-101 tool to edit human genes in people with naturally high LDL cholesterol (the bad cholesterol), which is correlated with heart disease. There are an estimated 3 million people in the United States and Europe affected by this condition, which indicates a potentially huge market for Verve if they can get this treatment commercialized.
This week, the company released some updated data for investors regarding a trial it is doing with the Verve-101 tool in humans. The market seems to be reacting to some concerning news with the 10 people Verve has trialed, as two of the patients died from heart attacks after receiving the treatment. Seeing this headline, the market reacted swiftly with investors likely concerned over the efficacy of this early-stage technology.
Source Fool.com
